Company Formation in india – The Procedure and the Benefits
A legal entity that has been registered by the Government under companies-act. The countries follow different rules to abide with, and procedures of registering the companies. The company’s act in India came into existence in the year 1956. Registering a company gives it an independent identity and standing of its own. There are separate rules for companies in public sector and the ones in private sector. There are several firms offering their services to help and provide guidance so as to correctly follow the new company registration process in a hassle free way, ensuring to stick to all the laws and regulations. Example, licensing, vat registration, taxation, EIC, STPI registration, financial planning and many others. Many of them, also provide online company registration. Also help in setting base according to the type of new company being formed and continue their support and advice for your business to flourish and grow. The company can be an individual proprietorship, partnership, stake holders, private limited, public corporation or an NGO which can also be a charitable trust.
The process ideally begins with the registration of the Association Articles registration with the companies state registrar, in the location of main office. Section 609 stating Companies act appoints the ROC’s- registrars for different states. Their prime responsibility is to validate whether the candidate companies are in compliance with the mandatory requirements defined in the act. They charge a prescribed fee and maintain the registries of the records that relate to the firms that have been registered with the office. The registrars deal with the incorporating and setting up the company, registering their domain name and modifying it, if needed.
The Company Registrars operating in various states, mainly deal with formulation of companies, modifying their names id needed, changes to be done in the new financial year. Converting firms from private domain to the public sector or vice versa. Eliminating their registration if the company closes down, taking action and imposing penalties to the companies in case they do not follow the prescribed laws.
If your firm is operating or running business in Europe, Japan or Australia, then VAT registration becomes necessary. It has to be done prior to any business transaction by the company. However, can be retroactive in exceptional cases. When your company is VAT registered, it is liable to charge VAT on all the invoices being issued to buyers. There can be exceptions here as well. From European vendors, you can demand almost all the VAT incurred. Declare the VAT by filing it to the income tax authorities.
LLP registration is defined as the corporate tool, triggers the entrepreneurial initiative, to take advantage of the limited liability, but at the same time also letting its members to collaborate as partners. It provides professional expertise and is efficient and flexible. The individuals constituting it are liable to pay lesser tax on their income as compared to the tax they would have been liable to pay if they were working in a corporation.
The company registration has become an approachable, easy to understand and a flexible process over the years. It is no longer a cumbersome procedure, as it used to be in the past.
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